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October 25, 2016

More From Billy Corgan's TNA Lawsuit: WWE, Replacing Management, Wanting Control Of The Company

A redacted version of Billy Corgan's lawsuit against TNA was unsealed today. A lot of it was information that was already known, but here are some details from the lawsuit courtesy of The Tennessean:

* Dollar figures and other details regarding the company's operations were blacked out.

* A hearing is scheduled for this Wednesday.

* Corgan granted an injunction wanting control of the company. He claims that he entered a loan agreement with Dixie Carter who agreed to give Corgan 100% of her stake in the company. Corgan says that the agreement was not honored and he has not been granted control of the company.

* On October 12th, Corgan notified the defendants that he was exercising his right, as holder of (Carter's) voting rights in Impact Ventures, to remove all of the company's managers and have them replaced with his own team.

* Corgan said that the company is "insolvent," meaning that they are unable to pay their debts and their liabilities exceed the value of its assets.

* TNA owed money to Aroluxe Marketing. Corgan invested month into Impact Ventures in order to prevent the company from defaulting on their debt to Aroluxe, which would have allowed Aroluxe to foreclose on TNA's assets.

* It was noted that TNA entered into debt-equity agreements with The Fight Network's parent company, Anthem Sports & Entertainment Corporation, which owns the licensing rights to its video library.

* Corgan said that Carter told TNA talent that WWE was looking to but its video library and asked that his loan agreement be recognized, which would allow him to take over the company.

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